The mobile payment company Square and its popular Square App are in the latest headlines on our DC Forecasts crypto news site, this time for surging more than 15% on the stock market in less than 48 hours.
After recording decent 10% gains, the short-term recovery of technology stocks all rose from 3% to 10% while Square led the US market, initiating a strong rally on two straight days. The mobile payment company, founded by Twitter’s CEO Jack Dorsey is now valued at tens of billions of dollars.
What many are wondering about right now is how could a billion dollar tech company rise by as much as 10%. However, if we see the past performance of square, the recovery is not surprising. In October 2018, the chief financial officer of Square (then) resigned from her position to become the CEO of the social networking service Nextdoor. Following the resignation, Square’s stock has fallen by 8%.
Still, the stock price of Square managed to recover in November 2018, especially after the integration of Bitcoin which was successful in driving more and more users towards the app. On January 3rd this year, Dorsey appointed a new CFO which was a major factor contributing to the current growth of Square’s stocks.
With this, it is easy to conclude that Square is in a strong month, especially in times when the S&P 500 and Dow Jones are still struggling. As such, the Square stock is expected to record strength in the first two quarters of 2019.
Meanwhile, Square has also been ranked by Yahoo as the number one finance company of the year. The app also managed to pass Coinbase in the volume of Bitcoin buying.
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